Morning Commentary: Chimera preferreds decline; Energy Transfer down; JPMorgan rises

By James McCandless

San Antonio, May 3 – As the preferred market neared the end of the week, trading was mixed as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.01%.

Leading early secondary trading volume, Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferred stock was declining.

The preferreds (NYSE: CIMPrB) were down 10 cents to $25.65 on volume of about 53,000 shares.

On Wednesday, the real estate investment trust reported first-quarter earnings, showing a 57 cents per share profit.

Meanwhile, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were also lagging at the open.

The preferreds (NYSE: ETPPrE) were down 6 cents to $24.79 with about 45,000 shares trading.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds started the session rising.

The preferreds (NYSE: JPMPrC) gained 4 cents to $26.43 on volume of about 44,000 shares.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also on the positive side Friday morning.

The preferreds (NYSE: ALLYPrA) started up 3 cents to $26.40 with about 37,000 shares trading.

KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds were being pushed lower.

The preferreds (NYSE: KEYPrK) dipped 2 cents to $25.02 on volume of about 35,000 shares.

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